Trump to buy oil for strategic reserve to aid energy industry: ‘We’re going to fill it’
President Donald Trump on Friday said he’s directed the U.S. Department of Energy to purchase crude oil for the Strategic Petroleum Reserve in an effort to support the battered energy sector.
“Based on the price of oil, I’ve also instructed the Secretary of Energy to purchase at a very good price large quantities of crude oil for storage in the U.S. strategic reserve,” Trump said.
“We’re going to fill it right up to the top, saving the American taxpayer billions and billions of dollars, helping our oil industry [and furthering] that wonderful goal — which we’ve achieved, which nobody thought was possible — of energy independence,” he added.
The administration’s move to purchase oil comes after the worst week for crude since 2008 as investors worried over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers. The sell-off in crude whacked the equity of the largest energy companies in the U.S., with Exxon Mobil and Chevron down 20% and 12% respectively over the week.